0.75PercentagePoint

Federal Reserve Bank of St. Louis President James Bullard said Thursday he is considering support for another large rate rise at the central bank’s policy meeting next month and added he isn’t ready to say the economy has seen the worst of the inflation surge. “We should continue to move expeditiously to a level of the policy rate that will put significant downward pressure on inflation” and “I don’t really see why you want to drag out interest rate increases into next year,” Mr. Bullard said in a Wall…

Governor Christopher Waller says the Fed took a significant step toward achieving its inflation goal when it raised its key interest rate by 0.75 percentage point on Wednesday. Photo: Bess Adler/Bloomberg News…

A string of troubling inflation reports in recent days is likely to lead Federal Reserve officials to consider surprising markets with a larger-than-expected 0.75-percentage-point interest rate increase at their meeting this week.Before officials began their pre-meeting quiet period on June 4, they had signaled they were prepared to raise interest rates by a half percentage point this week and again at their meeting in July. But they also had said their outlook depended on the economy evolving as they expected. Last…